| Roth IRA Contribution Worksheet: 2004
Your filing status is married filing
separately
Note:
If you are married, did not live with your spouse at any time
during the year, and you file separate income tax returns,
you are considered a
single taxpayer
for purposes of determining your allowable contribution to a
Roth IRA.
1. Enter the lesser of $3,000 ($3,500 if age 50 or
older) or 100% of your taxable compensation for the
year.
- Taxable compensation includes wages, salaries,
commissions, self-employment income, and taxable
alimony or separate maintenance.
- Do not include earnings and profits from property
(rent, interest, dividends).
- Do not reduce your taxable compensation by any
losses from self-employment.
- Do not include your spouse's taxable
compensation.
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$________
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2. Enter total contributions you made to traditional
IRAs for this year.
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$________
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3. Subtract line (2) from line (1).
- If result is zero, stop here. You cannot
contribute to a Roth IRA for this year.
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$________
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4. Enter your modified adjusted gross income for the
year.
- This represents the total income shown on the
"adjusted gross income (AGI)" line of your federal
income tax return, minus (or not including) the
taxable amount of your Social Security benefits, plus
income that is normally not included in AGI (such as
foreign earned income, qualified U.S. savings bond
income used to pay for higher education, and
tax-exempt interest income).
- Do not include any amount included in AGI as a
result of a qualified rollover contribution from a
traditional IRA to a Roth IRA.
- If your modified adjusted gross income is $10,000
or more, stop here. You cannot contribute to a Roth
IRA for this year.
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$________
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5. Divide line (4) by $10,000 and enter the result
here.
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$________
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6. Multiply line (5) by the amount on line (1).
- If result is not an even multiple of $10 (e.g.,
$660, $670, $680), round to the next lowest multiple
of $10.
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$________
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7. Subtract line (6) from line (1).
- If result is less than $200 but more than zero,
enter $200. This is the amount that you can
contribute to a Roth IRA for the year.
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$________
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8. Enter the smaller of line (3) or line (7).
- This is the total amount that you can contribute
to a Roth IRA for this year.
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$________
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